pages: CityCouncil/2018-03-06.pdf, 10
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CityCouncil | 2018-03-06 | 10 | Urged Council to move forward with the amendment; stated the investment in the infrastructure is desperately needed: Tim Frank, Center for Sustainable Neighborhoods. Stated that she supports the amendment; the developer is putting the funds in to develop the land so that all of Alameda can enjoy the results: Karen Bey, Alameda. Mayor Spencer inquired what the sale price is of the three blocks. The Base Reuse Director responded Block 6 is selling for $19.4 million, Block 11 for $25 million and Block 9 for $12 million, totaling $56.4 million. Mayor Spencer inquired what the cost is of the infrastructure. The Base Reuse Director responded the construction cost is $32 million. Mayor Spencer inquired where the balance of the $56 million is going. The Base Reuse Director responded the ferry terminals, affordable housing, the sports complex and significant soft costs related to the tentative map and engineering design. Mayor Spencer inquired how much of the affordable housing family project will need to be financed. The Base Reuse Director responded $26 million. Mayor Spencer requested clarification; stated that she thought it was $23 million. The Base Reuse Director responded there is $3 million infrastructure fee; stated a $9 million State grant is needed. Mayor Spencer inquired how much the City is short for the senior project. The Base Reuse Director responded $16 million. Mayor Spencer inquired whether Council is being asked to not enforce the metering provision because Eden does not have the money lined up for the two projects. The Base Reuse Director responded in the negative; stated in order to finance the infrastructure, Alameda Point Partners (APP) is using the proceeds from the sale; the City holding up the building permits is too much risk. Mayor Spencer inquired whether the City could not hold up the building permits if Eden has the financing, to which the Base Reuse Director responded in the affirmative. Mayor Spencer inquired whether Eden being short $25 million is causing the matter to return to Council and the reason the building permits could be held up. Regular Meeting Alameda City Council 10 March 6, 2018 | CityCouncil/2018-03-06.pdf |